Widget Federal Credit Union Mortgage Rates, Fees & Info

Erie, PA

LEI: 2549008YEXLNFKLF7548

Tax ID: 25-0974214

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Widget Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Widget Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Erie, Meadville, Oil City, and Warren among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Widget Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Widget Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.98% 5/5/24
    30 Year Conventional Purchase 6.62% 5/5/24
    30 Year Conventional Refi 6.27% 5/5/24
    30 Year Cash-out Refi 6.36% 5/5/24
    30 Year FHA Purchase 6.27% 5/5/24
    15 Year Conventional Purchase 5.60% 5/5/24
    15 Year Conventional Refi 5.65% 5/5/24
    15 Year Cash-out Refi 5.65% 5/5/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Widget Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Widget Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    205

    Origination Dollar Volume (All Markets)

    $11,395,000

    Awards

    Widget Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    ERIE, PA (FHA|USDA|VA) 200 $11,210,000 $56,050 $818 4.00%
    Meadville, PA (FHA|USDA|VA) 3 $95,000 $31,667 $1,155 3.33%
    Oil City, PA (FHA|USDA|VA) 1 $45,000 $45,000 $745 4.49%
    Warren, PA (FHA|USDA|VA) 1 $45,000 $45,000 $682 4.49%
    Widget Federal Credit Union's top markets include Erie, Meadville, Oil City, and Warren among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Widget Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Widget Federal Credit Union
    Similarity Rank: 32
    Marquette Savings Bank
    Similarity Rank: 98
    ERIE FEDERAL CREDIT UNION
    Similarity Rank: 143
    HOWARD HANNA FINANCIAL SERVICES, INC.
    Similarity Rank: 200
    AFFORDABLE MORTGAGE ADVISORS, LLC.
    Similarity Rank: 320
    FIRST HERITAGE FINANCIAL, LLC
    Similarity Rank: 800
    CNB Bank
    Similarity Rank: 960
    Princeton Mortgage Corporation
    Similarity Rank: 999
    Northwest Bank
    Similarity Rank: 1102
    First National Bank of Pennsylvania
    Similarity Rank: 3375

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 193 $11,095,000 $57,487 $823 3.94%
    HELOC 12 $300,000 $25,000 n/a 4.85%

    For 2018, Widget Federal Credit Union's most frequently originated type of loan was Conventional, with 193 originations. Their 2nd most popular type was HELOC, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 95 $5,915,000 $62,263 $497 3.71%
    Home Improvement 52 $1,500,000 $28,846 $381 4.10%
    Home Purchase 32 $3,100,000 $96,875 $2,270 4.47%
    Other 24 $670,000 $27,917 $267 4.17%
    Cash Out Refi 2 $210,000 $105,000 $2,573 4.75%

    For 2018, Widget Federal Credit Union's most frequently cited loan purpose was Refi, with 95 originations. The 2nd most popular reason was Home Improvement, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 50 $1,460,000 $29,200 $350 3.11%
    Other 48 $1,640,000 $34,167 $309 4.02%
    15 Year 47 $3,325,000 $70,745 $894 4.68%
    10 Year 37 $2,245,000 $60,676 $366 3.87%
    30 Year 20 $2,330,000 $116,500 $2,764 4.66%
    20 Year 3 $395,000 $131,667 $2,861 4.58%

    For 2018, Widget Federal Credit Union's most frequently cited loan duration was 5 Year, with 50 originations. The 2nd most popular length was Other, with 48 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 147 $7,755,000 $52,755
    $1k-2k 6 $890,000 $148,333

    Widget Federal Credit Union's average total fees were $2,764, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 88 $4,060,000 $46,136
    4-5% 74 $5,740,000 $77,568
    2.5-3% 21 $855,000 $40,714
    5-6% 13 $405,000 $31,154
    <2.5% 8 $280,000 $35,000
    6-7% 1 $55,000 $55,000

    During 2018, Widget Federal Credit Union's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 3-4%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 176 $7,180,000 $40,795 $606 3.93%
    $100k-200k 26 $3,550,000 $136,538 $1,808 4.32%
    $200k-400k 3 $665,000 $221,667 $3,273 4.46%

    2018 saw Widget Federal Credit Union place emphasis on $100,000 or less loans with 176 originations, totaling $7,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 60 $2,240,000 $37,333 $725 3.91%
    $50k-75k 55 $3,115,000 $56,636 $909 4.09%
    $75k-100k 45 $2,575,000 $57,222 $887 4.04%
    $100k-150k 34 $2,600,000 $76,471 $823 3.92%
    $150k-250k 10 $630,000 $63,000 $303 3.92%
    $250k+ 1 $235,000 $235,000 $2,778 4.00%

    Widget Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 60 originations. The second most popular income band? $50k-75k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 73 $3,635,000 $49,795 $465 3.81%
    30-36% 50 $2,940,000 $58,800 $1,091 3.97%
    <20% 23 $1,225,000 $53,261 $1,077 4.03%
    40% 12 $420,000 $35,000 $290 4.30%
    39% 9 $855,000 $95,000 $1,137 4.26%
    42% 8 $590,000 $73,750 $817 4.52%
    41% 7 $245,000 $35,000 $219 3.88%
    37% 7 $245,000 $35,000 $1,110 3.89%
    36% 7 $385,000 $55,000 $1,049 3.94%
    38% 4 $340,000 $85,000 $1,177 4.62%
    44% 2 $210,000 $105,000 $2,021 4.62%
    43% 1 $25,000 $25,000 $94 4.49%
    45% 1 $235,000 $235,000 $2,778 4.00%
    48% 1 $45,000 $45,000 $2,193 4.38%

    Widget Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 73 originations. The next most common DTI ratio? 30-36%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 197 $10,925,000 $55,457 $822 3.97%
    Black 5 $375,000 $75,000 $213 4.12%
    Native Hawaiian or Islander 1 $45,000 $45,000 $188 5.99%
    American Indian 1 $35,000 $35,000 $3,187 3.24%
    Not provided 1 $15,000 $15,000 $488 5.24%

    Approval Rates

    Total approvals of all applications
    61.68%

    Widget Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    69.76%

    Widget Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 205 $11,395,000 $55,585

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 205 $11,395,000 $55,585

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $1,790,000 $37,292 $468 3.83%
    40-60% 29 $1,925,000 $66,379 $560 3.78%
    60-80% 42 $3,850,000 $91,667 $1,278 4.14%
    80-100% 21 $2,425,000 $115,476 $2,546 4.40%
    Under 20% 65 $1,405,000 $21,615 $290 3.98%